Sea trade between Pakistan and Russia could positively affect the country’s economy.

The central leader of the Businessmen Forum (BMF) and former vice president of FPCCI, Captain Abdul Rashid Abaro, has said that the government must consult the leadership of Pakistan’s business community and senior business leaders before announcing the federal budget. In order to stabilize the struggling economy, the government should end its excess expenditure before the announcement of the federal budget, and those schemes which are facing problems at the start should be postponed for the time being while the loss-making institutions should be privatized immediately so that the country’s financial crisis is over.

Capt. Abro said that the resumption of sea trade between Pakistan and Russia could positively affect the country’s economy. They had brought machinery and other equipment for the steel mill, while Pakistan has brought more large cargo ships from Russia, Coal and Coke, to Pakistan. Still, the arrival of Russian cargo ships will strengthen the trade and mutual relations between the two countries.

Capt. Abaro said That thanks to the China-Pakistan Corridor (CPEC), there are opportunities for sea trade from Pakistan to Central Asian countries, while there are also bright possibilities to increase land transport between Central Asian countries; in the future, we should also take advantage of new routes.

He justified the government’s decision to cut the Public Sector Development Program (PSDP) once again by Rs 79 billion, taking the total amount of PSDP to Rs 566 billion 85. The country’s current deficit is increasing by crores of rupees, and it is a better decision to limit the development expenditure due to the increasing fiscal deficit.

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